No matter your age or financial status, knowing your options when it comes to wealth management is important for everyone.
For some, there could be a major life event such as divorce, a death in the family, or inheritance that causes a change in ones finances. However, for others it could be a slow change in their financial situation that causes an increase in complexity as time goes on and calling upon a financial advisor becomes necessary.
Whether you’ve suffered a drastic change or simply think it is a smart idea to hire a financial advisor to manage your finances or estate, here are 5 signs it could be time to call a professional at Morris Financial Concepts:
1. You are Considering Retirement
As you get closer to the age of retirement, thinking about how your finances are going to last you throughout the rest of your lifetime becomes a realistic concern. Letting a financial advisor guide you on how to set yourself up for retirement tends to ease the burden and answer common questions such as, “What age should I retire?” and “How much more do I need to save?” As you approach your ‘60s, considering hiring a professional financial advisor could be in your best interest.
2. Filing for Divorce
Navigating through this difficult time in your life without the guidance of a financial advisor can sometimes put folks in a difficult position. A professional can help you work through splitting assets and negotiate terms to ensure they are in your best financial interest so that you know what this means for your future.
3. A Family Member Died or is Injured
During the event of a death or injury of a loved one, finances tend to be the last item folks want to think about. However, in the event that a family member cannot work anymore due to an injury, or if there is a death in the family, finances become a necessary topic of discussion.
A financial advisor can take the stress out of your hands and take the necessary steps to manage your finances during this difficult time.
4. You’ve Inherited or Come Into a Large Amount of Money
This can be an exciting time in one’s life, whether you came into a large sum of money through inheritance or a smart investment, this income needs to be managed with care. An educated financial professional can help you determine short-term and long-term goals that will set you up for future financial success. Whether this means paying off past debt or choosing how much of this sum you should put into savings, an advisor can help you determine the best choice.
5. All of Your Finances Are Not Coordinated
For some, handling their finances is not an easily managed task. One might have a CPA who takes care of their taxes, a separate advisor who handles their investments, and maybe even an insurance broker that handles their coverage options. With all of these professionals handling your income, your finances can become uncoordinated and disorganized.
If this sounds like you, it might be time you hired a financial advisor. This professional can oversee your investments and estate to ensure that if one aspect of your finances is altered, it doesn’t negatively affect any of your other wealth management strategies.
If you find yourself in one of these many life altering situations, let one of the financial advisors at Morris Financial Concepts guide you in a direction that’s in the best interest of your financial future. To speak with a professional, fill out this contact form to get started and take a look at some of our other blog posts in the mean time to stay up to date with the latest topics in financial news.